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20131202
20131210
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CNBC 1
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CNBC
Dec 5, 2013 4:00am EST
. >> can you explain to me, paul, why does it in and of itself a higher wage mean greater efficiency. in and of itself, why does one equal the other? >> so the well recognized efficiency gaines from higher wages are reduced employee turnover recruitment and retention costs. it's actually surprisingly expensive to replace even a $9 an hour worker. it can cost $2,000, $3,000 a higher. if you are turning to your workforce with it being replaced each year, those are major costs. the high road chains that pay higher wages have much lower costs and they also find -- see that they enjoy the higher curb -- payroll dollar sales and profitability than companies like mcdonald's and walmart. >> paul, thanks for that. a quick reaction from you. look, we know that corporates have taken the greatest share of income out of the economy, right, at the expense of workers. but how much can we take on wages before we get the inflation problem that we've been worrying about? >> well, and to me, that's what i hear sort of the macro story from that around the individual issues is that if you start to get th
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